Druva is a SaaS cloud-based data protection and management startup company that is built using Amazon Web Services (AWS). The business claims that through the cloud-based technology, clients are able to reduce unnecessary hardware, capacity planning, and software management. As a result, customers are able to drive the total cost of ownership (TCO) down 50%.
Founded in 2008, several big names are customers of the software business, including NASA, McAfee, DHL, Chipotle, Clorox, Columbia, Marriott, and many, many more. Earlier this month, the startup company announced a partnership with Dell Technologies, revealing that Druva will be powering the new Dell EMC PowerProtect Backup Service.
In late March, the software business revealed it surpassed 7 million daily backups as daily backup activity surged 40% over the previous year. Furthermore, the startup company surpassed 2.5 billion annual backups on World Backup Day. Additionally, Druva was named the 2021 Data Management Company of the Year.
Crunchbase data indicates that Druva has raised $328 million across numerous financing rounds with investments from Viking Global Investors, Riverwood Capital, Nexus Ventures Partners, and Sequoia Capital India, among others.
$147 Million in Financing
On Monday, Druva announced the business raised $147 million led by Caisse de dépôt et placement du Québec (CDPQ) with a significant contribution from Neuberger Berman. The release states each investor manages more than $300 billion in assets. Previous investors also participated. This new financing gives Druva a valuation of more than $2 billion.
Due to the COVID-19 pandemic, enterprises have been forced to adapt to new digital formats that may involve cloud-based data protection, therefore proving the need for startup companies like Druva.
Jaspreet Singh, founder and CEO of Druva, said in a statement, “The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data’s increasing value is at the very heart of it.”
According to the software business, the adoption of the Druva Cloud Platform has increased 50% over the last year. Additionally, the data under management for the startup company has grown 40% as Druva supports industry leaders across a variety of categories, such as Pfizer, GameStop, and Zoom.
With the new capital, Druva plans to rapidly scale operations for the startup company as demand for cloud-based software has increased drastically over the last 12 months.
Singh added in a statement, “Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform.”
Research and Markets published a report in August 2020 stating the global cloud computing software market was valued at $371.4 billion in 2020 and is projected to reach $832.1 billion by 2020.
TinySeed, a funding supporter of startup SaaS providers, is a contributor to this ever-growing market. Startup Savant reported last month the business raised $25 million to help kickstart SaaS startups.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.